I expected to see the futures down by 40 points or more when the Globex session opened yesterday evening. They were not.
The Asian markets were getting hit hard last night. I expected to see the futures follow. They did, but not as far down.
Europe is down hard again this morning on more default fears. We're down so far, but off the overnight lows.
So far, this still fits the b-wave scenario. Until and unless a trap door opens and the S&P falls straight down through 1114.22 and lower, it is best to stand aside, try some spec longs, or hedge your shorts.
I am as fully hedged as I'm going to get. Now I want some confirmation from the most trusted source -- the market.
Until and unless 1114.22 is broken, the message of this chart is still valid.
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